WAEC Accounting Past Questions & Answers - Page 53

262.

The cost incurred on goods purchased for production which can be traced to a particular unit is classified as

A.

Direct labour

B.

Direct expenses

C.

Direct materials

D.

Factory overhead

Correct answer is B

No explanation has been provided for this answer.

263.

A non-cash expense chargeable against profit and loss account is 

A.

Insurance payable

B.

Debenture interest

C.

Provision for doubtful debts

D.

Rent and rates

Correct answer is C

No explanation has been provided for this answer.

264.

Debtors and credit sales for a period are D 120,00 and D 600,00 respectively. The debtor's payment period would be

A.

1825 days

B.

365 days

C.

73 days

D.

5 days

Correct answer is C

No explanation has been provided for this answer.

265.

Eze introduces his private car into his business. The aspect of the accounting equation of the business that would be affected are

A.

Assets and Capital

B.

Capital and Profit

C.

Liabilities and Assets

D.

Capital and Liabilities

Correct answer is A

No explanation has been provided for this answer.